Cupid Breweries and Distilleries Limited disclosed that its statutory auditor, M/s. H Rajen & Co., resigned on November 16, 2025, citing issues with data submission and pressure from the board and management. The auditor stated that the submission of data and documents required to conduct the limited review audit was not acceptable, leading to the resignation with immediate effect. The company submitted the detailed resignation information to the stock exchange on May 27, 2026, following a delay in receiving the necessary disclosures from the auditor.

The resignation letter, signed by Partner Mr. Rajendra Desai, indicated that the firm tendered its resignation due to peer pressure from the board and management insisting on their departure. The auditor was originally appointed on June 25, 2024, and the term was scheduled to expire at the conclusion of the 43rd Annual General Meeting. The latest limited review report was submitted by the auditor on August 14, 2025.

Auditor Disclosure Details

The company provided a detailed breakdown of the auditor's association and the circumstances surrounding the resignation in a filing submitted under Regulation 30 of the SEBI (LODR) Regulations, 2015. The filing referenced SEBI Circular No. CIR/CFD/CMD1/114/2019 dated October 18, 2019, regarding the specific information required from the outgoing auditor.

Reasons and Impact Assessment

The auditor confirmed that no separate communication was made with the Audit Committee prior to the resignation. Regarding the availability of information, the auditor stated that the inability to obtain sufficient appropriate audit evidence was due to management-imposed limitations or circumstances beyond management's control, as detailed in the resignation letter. However, the auditor confirmed that the lack of information would not have a significant impact on the financial statements or results.

The disclosure also clarified that the lack of information was not prevalent in the previously reported financial statements. Consequently, the basis for issuing previous audit and limited review reports remained unaffected. The company enclosed the resignation letter and the requisite information under the SEBI circular as annexures to the regulatory filing.

Cupid Breweries and Distilleries Limited has filed its quarterly compliance certificate with BSE Limited for the quarter ended March 31, 2026, in accordance with SEBI Regulation 74(5) of the Depositories and Participants Regulations, 2018. The submission demonstrates the company's commitment to regulatory compliance and transparency in share transfer operations.

Regulatory Compliance Certificate Details

The certificate was issued by Satellite Corporate Services Private Limited, the company's appointed Registrar and Share Transfer Agent. The document confirms compliance with specific regulatory requirements related to the dematerialization of physical share certificates during the reporting quarter.

Share Dematerialization Status

The certificate specifically addresses the dematerialization process for the quarter ended March 31, 2026. According to the registrar's confirmation, no physical share certificates were received for dematerialization during this period. This indicates stable electronic holding patterns among shareholders without significant conversion from physical to electronic format.

The regulatory framework requires companies to ensure that:

• Securities comprised in certificates are properly listed on stock exchanges
• Physical certificates undergo due verification, mutilation, and cancellation processes
• Depository names are appropriately substituted in company records as registered owners

Corporate Information and Structure

Cupid Breweries and Distilleries Limited, formerly known as Cupid Trades and Finance Limited, operates as a blender, bottler, and brewer in the alcoholic beverages sector. The company maintains its registered office in Mumbai's Kandivali West area, with additional corporate and marketing offices in Hyderabad and Bangalore respectively.

Regulatory Framework and Compliance

The SEBI Regulation 74(5) certificate requirement ensures transparency in the dematerialization process and maintains investor confidence in electronic trading systems. Companies must regularly report their dematerialization activities through authorized registrars and transfer agents, providing stakeholders with clear visibility into share transfer operations.

This quarterly filing reflects Cupid Breweries and Distilleries' ongoing commitment to regulatory compliance and corporate governance standards. The systematic reporting through Satellite Corporate Services Private Limited ensures proper documentation and regulatory adherence for all share-related transactions and processes.